Jeddah: A national initiative to establish global supply chains has been announced in Saudi Arabia. The announcement was made by Amir Mohammed bin Salman, Crown Prince, Prime Minister and Chairman of the Economic Development Affairs Council. It aims to strengthen the country’s position as a major hub and vital link in the supply chain. The Crown Prince said that this initiative would be a great opportunity to achieve joint successes.
Other development initiatives that have been launched will help to succeed. Investors across all sectors will be empowered. It is possible to build successful investments and benefit from the country’s resources and diverse capabilities. This will provide greater flexibility to economies and consumers around the world. It will ensure an efficient, sustainable and highly competitive supply chain to all parts of the world. On the other hand, it will also help to achieve the aspirations of the country’s comprehensive development plan ‘Vision 2030’.
Expanding and diversifying the resources of the national economy will help improve Saudi Arabia’s economic position to become one of the 15 largest economies in the world by 2030. This is one of the initiatives of the National Investment Policy which was launched in October 2021. This aims to create a suitable investment environment for all investors in the supply chain. This will be done through various steps like identifying and developing investment opportunities and presenting them to investors, establishment of special economic zones.
It can attract local headquarters of international companies to the country. The country is trying to reform the procedures in a way that is necessary for this. It will help further improve the investment environment and increase its attractiveness and competitiveness.
A unified strategy will be developed to attract global supply chains to the country. The initiative aims to attract 40 billion riyals of investment and industrial services within the first two years of its launch. The crown prince also said that the country has allocated an incentive budget of about 10 billion riyals to the initiative to provide extensive financial and non-financial incentives to investors.